Summary by Moomoo AI
Shandong Xin Energy announced on March 20, 2024 that the company has signed an investment agreement with Shandong International Cooperation and Shandong High-Speed Energy Development to jointly establish a joint venture “Shandong High-Speed International New Energy Co., Ltd.” in China. The joint venture will focus on overseas photovoltaic, wind power, energy storage, charging, intelligent energy management and control systems. The registered capital of the joint venture is RMB 4500 million, with 30% of Zhongshan High-Tech Energy, 40% of Shandong International Cooperation and 30% of Shandong High-Speed Energy Development. This transaction is considered a connected transaction under Chapter 14A of the Listing Rules, but is exempt from the requirement of independent shareholder approval. The joint venture will be an important step in the field of clean energy for Shanghao Xin Energy, helping to improve the Group's operational development and capital efficiency, and achieve risk-sharing and benefit-sharing.